Revised outcome of the Board Meeting held on Thursday 29th May,2025 on account of change the pricing of warrant which is increased from Rs.60 to Rs.70 resulting in the change in the value ....
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Expo Gas Containers filed a revised outcome of its May 29, 2025 board meeting because the price of its proposed convertible warrants was raised from Rs. 60 to Rs. 70 each. The company will issue 31,45,715 warrants, aggregating to about Rs. 22 crore, to two promoters (Murtuza and Hasanain Mewawala) and four non-promoters including Aegis Investment Fund PCC-Niveza. Each warrant is convertible into 1 equity share of Rs. 4 face value within 18 months, with 25% payable upfront and 75% on conversion. The board also approved audited FY25 results showing revenue of Rs. 114.74 crore and net profit of Rs. 3.18 crore, a name change to Expo Engineering and Projects Limited, a hike in MD Hasanain Mewawala's remuneration from Rs. 12 lakh to Rs. 30 lakh per annum, and the appointment of a new internal auditor. An EGM has been scheduled for June 27, 2025 to seek shareholder approval.
Existing shareholders will see dilution of roughly 24% if all warrants are converted, with promoter Murtuza Mewawala's stake rising from 11.38% to about 15.09%. The Rs. 22 crore raise should bolster the balance sheet, though the higher warrant pricing means fewer shares will ultimately be issued per rupee raised compared to the original plan.